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January 23, 2006 |
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SKS Wins CGAP Financial Transparency Award for the second year in
a row
Hyderabad � SKS has won a Merit
Award for financial transparency from The Consultative Group to
Assist the Poor (CGAP,
www.cgap.org), a division of the
World Bank. In its second year, the award attracted over 175
applicants from 57 countries. Of the 5 winners and 63 merit
awardees, only two were from South Asia and SKS was the only winner
from India.
SKS won based on its compliance with international disclosure
guidelines, including industry-specific
CGAP Disclosure Guidelines
and the widely accepted International Financial Reporting Standards.
Financial statements were scored by 10 reviewers based in Latin
America, Africa, the Middle East, Europe, and North America. Each of
the reviewers is a finance or accounting and auditing professional.
�We are honored to be recognized for our commitment to financial
reporting and transparency,� said SKS Founder and CEO, Vikram Akula.
�We prioritize such transparency because it provides assurance to
both capital markets as well as to our clients that their funds will
be safely and productive managed. As the industry continues to grow,
it�s extremely important for all MFIs to achieve this standard, and
we thank CGAP for leading this effort.�
"The institutions that participated in this year's competition are
doing more than improving the world of microfinance: They are
helping make microfinance institutions' performance better
understood by the general public and helping build more inclusive
financial systems for the poor," said CGAP CEO, Elizabeth
Littlefield. |
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